Need Help?
Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Hodge Life Consent to Lease Example Support Desk Enquires
- Just looking for some information, I have a mortgage on a flat with Hodge Life and I am thinking about letting the property out. Could this be done without changing to a BTL or obtaining consent to let from Hodge Life?
- Contracts were exchanged last month for an off plan property in which I was going to move into, but my boss has presented me with the opportunity to work abroad for 2 years, can I let the new property with consent to let from Hodge Life.
- As things stand we have a 5 year fixed term home loan with Hodge Life that we're about a year into. Our circumstances have now changed and we would like to rent out our property for a while and move to another town. What can we do to mitigate the risk of Hodge Life rejecting consent to let.
- We have a fixed rate mortgage with Hodge Life that we are having difficulty getting consent to let due to being in New York and renting out the property a few years ago without their approval which was an oversight by us. We have a 38% LVR and have been making overpayments of £500pm for 5 years so we are not in arrears. We would happily swap onto a BTL mortgage with them at an increased rate however we haven't been given that as an option.
- At the moment I do not have consent to let from Hodge Life but I would like to change to one, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my property for my return - can you help?
- What information should I include in a letter asking for consent to let my house in Greenwich? I would like to send a request to my mortgage provider Hodge Life.
- I recently purchased a property with 10% deposit for personal uses. A mortgage was taken with Hodge Life. But my circumstances have now changed. I am being transferred overseas. Am I able to obtain consent to let from Hodge Life and put the house up to let?
- Would you be able to help me? What do I need to do to get consent to let from Hodge Life? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Hodge Life consent to let Info
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming invalid. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed